The Kentucky Derby is coming up on May 4th this year. As always, it’ll be a spectacle of speed, strategy, and stunning hats. In this episode, we’ll explore how several intricacies of horse racing intertwine with the journey to crafting a winning retirement plan.

We explore the importance of training for the big day, assembling your financial team, and protecting your investments like a prized thoroughbred. Michael discusses the significance of hedging against market volatility and long-term care costs, applying lessons from the betting world to risk and reward in your portfolio, and ensuring your financial plan fits you like a custom-tailored Derby hat.

As we approach the financial triple crown of early, mid, and late retirement stages, Michael shares insights on adapting your investment strategy to each phase. Plus, we bring the annual financial wellness checkup into focus, emphasizing budget adjustments in the face of rising inflation, building financial immunity, and the necessity of a proactive planning approach.

In the mailbag segment, Michael tackles real-time questions from listeners like Jacob in Chicago, contemplating the switch to annuities, and Wendy in North Carolina, questioning the diversification of her rolled-over 401(k). And for Tony in Philly, Michael lays out the roadmap to determine how much to save for an early retirement dream.

Whether you're donning your fanciest hat or simply aiming for a secure financial future, this episode is your ticket to the winner's circle. So, saddle up and join us on this enlightening ride towards wealth and wisdom.

Grab your saddle and your fancy hat and join us at the starting gate as we race toward retirement.

Here’s some of what we discuss in this episode:

• Why it’s important to understand that everyone’s circumstance is different.
• You need to screen your portfolio for winners and possibly trim out the losers.
• Why diversification, even with mutual funds, is important.

LEARN MORE:

Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all? In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course.

March Madness is also upon us, and as you fill out your bracket and watch the NCAA Tournament this year, there are a few retirement planning lessons that you can learn along the way. Tune in as we share them in today’s show!

To wrap up this episode, Michael answers some listener questions about the tax implications of gifting money, financial indecision, retirement spending, and more.

Here’s some of what we discuss in this episode:

• Inflation is steadily increasing + Prolonged higher interest rates
• Accounting for the expense of a nursing home stay in your financial plan
• The current overbought state of the stock market + Planning for potential tax increases
• Focusing on your plan rather than attempting to predict outcomes + Being prepared for unexpected events or "upsets"
• The importance of diversification to mitigate risk + Avoiding emotional decision-making in the planning process
• If you need to gift money to your child, what might be the impact on your overall plan?
• What is some advice for people who struggle with financial decision-making?

LEARN MORE:

Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash. We'll balance our discussion with both optimistic and pessimistic perspectives from an array of sources to give you a comprehensive view.

For those looking to level up their financial habits in 2024, we’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like ignoring account statements and strict budgeting. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions.

We’ll close out the show today by answering questions about Social Security, gifting to your children, and investing strategies for young adults.

Here’s some of what we discuss in this episode:

• What can we expect to see from housing prices in 2024?
• What are the chances of a recession this year?
• The good money habits that might actually be holding you back.
• If you’ve reached retirement age but still plan on working, what should you do with Social Security?
• What should you consider if you plan on gifting money and assets to your kids in your 90s?
• What are some good investment ideas for recent college graduates?

LEARN MORE:

Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz